Sale Of Khopoli Investments Marks The End Of Tata Power In South African Wind Space

In Clean News, Clean Talk, News, Renewable Energy, Wind

Tata Power has exited its investments in two wind power farms of about 230-MW generation capacity in South Africa for $106 million. The move was in line with the company’s aim to sell sub-optimal international assets, the company said in a statement.

Khopoli Investments Ltd (a 100% subsidiary of Tata Power) announced the execution of a share purchase agreement with Exxaro Resources Ltd for the divestment of the company’s entire 50% stake in Cennergi, a South African joint venture, for an amount of ZAR 1,550 million ($106 million), subject to normal working capital and other adjustments.

Cennergi (Pty) Ltd is a 50:50 joint venture between Exxaro Resources Ltd, a leading South African coal producer, and Khopoli Investments Ltd.

The agreement is likely to be completed by the third quarter of FY20. Post this transaction, Exxaro will have 100% ownership of Cennergi.

Cennergi owns two wind farms in South Africa. 

The proceeds from such sale would be re-invested in emerging areas where there is a huge growth opportunity. The company will focus on renewable power, power distribution and service-led businesses in India which will bring in greater value and help it align with the emerging consumer needs.

This is a Syndicate News-Feed

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